First Busey Corporation to Acquire First Community Financial Partners, Inc.
The Barack Ferrazzano Financial Institutions Group acted as legal counsel for First Busey Corporation ("Busey") (NASDAQ: BUSE), the holding company for Busey Bank, in the signing of a definitive agreement to acquire First Community Financial Partners, Inc. ("First Community") (NASDAQ: FCFP), the holding company for First Community Financial Bank.
Since January 1, 2014, the Barack Ferrazzano Financial Institutions Group has advised on 39 bank transactions in the Midwest region, more than any other law firm during that period.*
*Source S&P Global Market Intelligence
With First Community Financial Bank's nine branches in Will, DuPage and Grundy counties, the acquisition, expected to close mid-2017, allows Busey access to the thriving southwest suburban markets of the greater Chicagoland area. Under the terms of the merger agreement, First Community shareholders will receive 0.396 shares of BUSE common stock and $1.35 in cash for each share of FCFP common stock, with an aggregate transaction value of approximately $238.5 million. Upon completion of the holding company merger, Busey anticipates merging First Community Financial Bank into Busey Bank in late 2017.
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First Busey Corporation is a $5.4 billion financial holding company headquartered in Champaign, Illinois. Busey Bank, First Busey Corporation's wholly-owned bank subsidiary, is also headquartered in Champaign, Illinois and has 27 banking centers serving Illinois, 13 banking centers in the St. Louis, Missouri metropolitan area, five banking centers serving southwest Florida and a banking center in Indianapolis, Indiana.
Barack Ferrazzano Financial Institutions Group
Our 30-attorney Group has represented more than 250 financial institutions across the country. Our M&A experience is unparalleled—over the past decade, our Group ranked #1 in the Midwest region by number of announced bank and thrift merger and acquisition transactions, according to S&P Global Market Intelligence. The Financial Institutions Group was again named as one of the top financial institution groups in the nation in the U.S. News & Best Lawyers 2017 report.